What is deregulation?

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Beginning with the election of President Reagan in 1980, a trend toward deregulation of economic activity swept across the country. Advocates of deregulation argue that government regulations hamper economic growth and market competition.

Identification

Deregulation involves limiting, or removing altogether, government regulations governing business and economic activities.

Benefits

Proponents of deregulation argue that removing government control enables business and individuals to operate more freely, growing the economy and allowing more prosperity to flourish.

Warning

Opponents of deregulation contend that some regulations are necessary as a safeguard against illegal or unethical business actions that could defraud investors and the public, or compromise the safety of the workers and the public at large.

History

President Reagan's administration during the 1980s made deregulation a centerpiece of its economic policy.

Famous Ties

Critics such as economist and columnist Paul Krugman argue that financial deregulation under Reagan set the stage for conditions that led to the financial crisis of 2008 and the economic recession that followed.

Source:

The New York Times: Paul Krugman - Reagan Did It

More Information:

Cato Institute: Are We Ailing From Too Much Deregulation?

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What is deregulation?

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